Housing rental prices in Baku decrease in February 2021

Business Materials 6 April 2021 12:19 (UTC +04:00)
Housing rental prices in Baku decrease in February 2021

BAKU, Azerbaijan, Apr.6

By Fidan Babayeva – Trend:

The prices for land plots in Baku grew by 2.4 percent in February 2021 on monthly basis, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.

According to Ibrahimov, in the reporting month the cost of 1 square meter of commercial real estate in the secondary market rose by 0.6 percent, and in the primary market – by 5.1 percent compared to January of this year.

The expert noted that there was also an increase in prices for summer cottages and private houses. In this market segment, the price increased by 9.5 percent over the month. Compared to February 2020, the prices grew by 2.43 percent.

In February 2021, the average price of rental objects in Baku decreased by 3.3 percent in annual terms.

“Due to the COVID-19 pandemic, a number of trade and service sectors have suspended their activities, in connection with which the leased premises were returned to the owners, which led to an increase in offers on the rental market and a decrease in prices. However, most likely, such price changes on the market are seasonal,” he added.


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